FSM511 - Planning for Retirement, Education and Individuals with a Disability

Outline information
Semester
Schools offering this subject
Last revision date Aug 31, 2020 10:33:19 AM
Last review date Aug 31, 2020 10:33:19 AM

Subject Title
Planning for Retirement, Education and Individuals with a Disability

Subject Description

Students will acquire the knowledge required to engage in the retirement and education planning process, as well as planning for individuals with a disability. Students will produce financial planning projections and make recommendations related to an individual's objectives in these areas. Emphasis will be placed on the registered plans available that individuals can use to achieve their objectives.

Credit Status
One credit.

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Explain trends impacting retirement and education planning.
  2. Prepare financial projections to determine if an individual is expected to meet their retirement or education needs.
  3. Explain information about the application requirements, contributions, eligibility, and benefits related to the Canada Pension Plan (CPP) and Old Age Security (OAS) program to determine how an individual should use the plans to meet their retirement objectives.
  4. Explain information about the attributes, benefits, transfers, and death of a plan member related to defined benefit and defined contribution pension plans
  5. Explain information about the attributes, contributions, withdrawals, transfers, maturity options, and death of an individual related to non locked-in retirement accumulation plans, including Registered Retirement Savings Plans (RRSP), Tax-Free Savings Accounts (TFSA), Deferred Profit Sharing Plans (DPSP), Pooled Registered Pension Plans (PRPP), and Specified Pension Plans (SPP).
  6. Explain information about the attributes, withdrawals, transfers, maturity options, and death of an individual related to locked-in retirement accumulation plans, including Registered Locked-In Retirement Accounts (LIRA), Locked-In Registered Retirement Savings Plans (LRSP), Restricted Locked-In Savings Plans (RLSP).
  7. Explain information about the attributes, withdrawals, transfers, and death of an individual related to retirement income plans, including Registered Retirement Income Funds (RRIF), Life Income funds (LIF), Restricted Life Income Funds (RLIF), Locked-In retirement Income Funds (LRIF), and Prescribed Registered Retirement Income Funds (PRRIF).
  8. Explain the types, features, and taxation of annuities.
  9. Explain information about the attributes, contributions, withdrawals, transfers, and death of an individual related to Registered Education Savings Plans (RESP).
  10. Explain information about the attributes, contributions, withdrawals, transfers, and death of an individual related to Registered Disability Savings Plans (RDSP).
  11. Present suitable recommendations to help an individual achieve their objectives related to planning for retirement, education or for individuals with a disability.

Essential Employability Skills
Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

Respond to written, spoken, or visual messages in a manner that ensures effective communication.

Execute mathematical operations accurately.

Apply a systematic approach to solve problems.

Use a variety of thinking skills to anticipate and solve problems.

Locate, select, organize, and document information using appropriate technology and information systems.

Analyze, evaluate, and apply relevant information from a variety of sources.

Show respect for diverse opinions, values, belief systems, and contributions of others.

Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

Manage the use of time and other resources to complete projects.

Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.